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Azarga Metals hails maiden resource estimate at its Russian copper-silver asset
Azarga Metals Corp (CVE:AZR) estimates it has the equivalent of 124mln ounces of silver at its Unkur copper-silver project in eastern Russia.
The maiden resource estimate for the project, which lies in the Zabaikalsky region, put the inferred mineral resource at 42mln tonnes at 0.52% copper and 38 grams per tonne (g/t) silver, containing 220,000 tonnes of copper and 52mln ounces of silver.
This equates to around 380,000 tonnes of copper equivalent at 0.90% or around 124mln ounces of silver equivalent at 91 g/t, assuming a copper price of US$3 a pound, a silver price of US$20 an ounce, and a 100% recovery rate.
The company’s president and chief executive officer, Dusty Nicol, said the estimate represented “a very successful result” from the company’s first few months of physical exploration at Unkur.
“Importantly, mineralization is open in multiple directions, which supports growth potential,” Nicol explained.
The management has long maintained that the Unkur project has the potential to be a “globally significant copper-silver deposit” and the maiden resource estimate underpins this belief.
Azarga Metals reckons there is strong potential to grow the mineral resource at the project beyond that identified in the maiden estimate.
The mineralization is open in both directions along strike and further exploration drilling will aim to extend mineralization along strike.
Of key interest for growth potential is the zone of thicker and higher grade mineralization in the northern part of the inferred mineral resource area, the company said
The next phase of work will focus on using geologic and geophysical exploration to target potential extensions of this higher grade zone.
The mineralization also remains open down-dip. Azarga said that in addition to the area covered by the first stab at estimate the mineral resources, there are numerous additional occurrences of copper-silver mineralization and geochemical / geophysical anomalies within the company’s 5,390 hectare Unkur licence.
Story by ProactiveInvestors
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